AbstractThe optimal fishing pattern in a multicohort fishery is determined using risk theory. Portfolio theory becomes applicable by treating different age groups of fish as different assets. A possibility set is derived using data on Icelandic cod fisheries. In the presence of risk aversion, it is shown that the abrupt behavior found in deterministic models is changed towards a smoother fishing pattern. The historical selection pattern for the Icelandic cod stock is shown to be near optimal using a maximal effort-type cost function but historical levels of effort are inefficient and lead to less profit and greater fluctuations than implied by profit or utility maximization. Copyright 1997 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 99 (1997)
Issue (Month): 3 (September)
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
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- Frank Krysiak, 2009. "Sustainability and its relation to efficiency under uncertainty," Economic Theory, Springer, vol. 41(2), pages 297-315, November.
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- Schott, Stephan, 2001. "The Optimal Selection And Harvest Of Multiple Cohorts," Marine Resource Economics, Marine Resources Foundation, vol. 16(2).
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